International Bank for Reconstruction and Development (IBRD) Board of Governors resolution ; no. 195 : increase in subscription of Ecuador to capital stock of bank

 83681 INTERNATIONAL BANK FOR RECONSTRUCTION AND DEVELOPMENT BOARD OF GOVERNORS Resolution No. 195 Increase in Subscription of Ecuador to Capital Stock of Bank RESOLVED: THAT, pursuant to Article II, Section 3(b) of the Articles of Agreement of the Bank, the Board of Governors hereby authorizes the acceptance by the Bank of the subscription of Ecuador to 43 shares of the capital stock of the Bank in addition to the 128 shares of said capital stock already subscribed by Ecuador, upon the following conditions: (a) That the subscription price per share shall be $100,000 in terms of United States dollars of the weight and fineness in effect on July 1, 1944; (b) That Ecuador’s subscription shall be received by the Bank on or before July 31, 1964, provided, however, that the Executive Directors may extend this period if they consider that extraordinary circumstances warrant such extension; (c) That before such subscription shall be accepted by the Bank, (i) Ecuador shall have taken all action necessary to authorize such subscription and shall have furnished to the Bank such information thereon as the Bank shall request, and (ii) Ecuador shall have paid to the Bank on account of the subscription price of one- half of such additional shares 2% in gold or United States dollars, and 18% in currency of Ecuador; and (d) With respect to the subscription price of the other one-half of such shares, the 2% portion payable in gold or United States dollars and the 18% portion payable in Ecuador’s currency shall be left uncalled on the conditions set forth in Resolution No. 129 governing subscriptions made pursuant to Resolution No. 128 of the Board of Governors. (Adopted on January 27, 1964)